PanARMENIAN.Net project: History of Armenian Coins from 3rd Century BC

September 24, 2013 - 10:58 AMT

PanARMENIAN.Net - PanARMENIAN.Net ’s new project titled ‘History of Armenian Coins from 3rd Century BC’ is dated to the 20th anniversary of the Armenian national currency, the Dram, which is celebrated on November 22, 2013.

20 years ago, the replacement of Soviet rubles by a new national currency started in Armenia.

Introduction of the Dram played a key role in the establishment of an independent state. Despite the hardships Armenia experienced in the 1990s, these were the years when the foundation for Armenian statehood and financial structures, including the banking system, was laid.

Armenian dram was put into circulation at AMD 14,5 to USD 1. With a shift to a floating rate policy, the exchange rate soared by 5 times to comprise AMD 75 to USD 1 by the yearend. Presently, Armenia retains the floating rate policy, with the exchange rate of AMD 406.17 to USD 1 as of September 23, 2013.

By the decree of the government, November 22, along with the birthday of Armenian Dram, also marks the Day of Banking System Employee.

PanARMENIAN.Net jointly with the Central Bank of Armenia (CBA) implemented the unique project to present the rich history of money circulation, as well as the collection of coins and bank notes in possession of the CBA to its readers.

The project was carried out in collaboration with HSBC Bank Armenia thanks to its experience in national currency backing in different countries of the world.

HSBC Global Archives is home to a diverse collection of the bank’s history spanning two centuries, including all of the historic bank notes issued by The Hongkong and Shanghai Banking Corporation, The Mercantile Bank of India, and The British Bank of the Middle East.

Also held at the archives are examples of coinage and earlier types of currency such as silver sycee, as well as ornate albums of notes, hand painted design plates, and correspondence with banknote engravers that reveal the story behind the bank’s long history of issuing money.

HSBC’s collection of banknotes issued by The Hongkong and Shanghai Banking Corporation runs from 1866 into the 1990s. Afterwards, the responsibility for note issuing was gradually transferred to governments in the Straits, Japan and Thailand, with the Corporation retaining its role in Hong Kong.

HSBC was born from one small idea – a local bank serving international needs. The bank opened for business in Hong Kong on March 3, 1865.

Entering Armenia in the mid-90s, HSBC was the first international bank and the largest international investor in the country. HSBC played an increasingly important role in the establishment and development of the banking system in Armenia by integrating international banking and customer service standards and technology and by working side by side with the government and regulators.